Curated Intel from the Talent Tech Industry
April 25-30, 2022:
• Urging caution in a time of uncertainty; VCs tell startups to slow spending and conserve cash;
• Hammering out a new business: Practical Machinist launches a job board for metal workers;
• Sharing the wealth: Midsized companies offer equity to attract and retain top talent;
• Making better person-job matches: Assessments platform GoodJob lands $5.75M in funding;
• Making music together: Talenthouse acquires Creative Commission, a creative jobs platform.
PLUS
• Get business info, Make business contacts, Do business deals – all in one place and all at one time at TAtech North America & The World Job Board Forum. Designed specifically for the companies that sell recruiting products and services to employers, it delivers the beef for bottom-line success. May 31-June 2 in Austin – don’t miss it!
Cash is King as VC Spigot Slows
A year ago, startup founders often found themselves fought over by venture investors eager to grab a piece of any promising young company with fast growth potential. Investors competed in an increasingly heated environment in which they were often under pressure to close outsized deals in a matter of days. All told, venture capitalists spent a record $643 billion in 2021, almost double what they had the year before. But times are changing. Global venture investment in the first quarter of 2022 dipped 13 percent quarter-over-quarter, marking the first time in a year of funding records when startup capital investment fell from one quarter to the next. Rising inflation, a stalled IPO market and ongoing instability sparked by Russia’s war in Ukraine have injected new caution into startup investing. As a result—with the next VC check suddenly not as certain as it may have been even a few months ago—investors and others in the industry say startup leaders should consider tamping down on spending and conserving cash.
The New Online Job Board for Metalworkers & Industrial Employers
Leading metalworking brand Practical Machinist recently launched a new online job board for metalworkers and their industrial employers. The new platform — located at jobs.practicalmachinist.com — is one of the few online job boards dedicated to the metalworking niche. “There is always a high demand for machinists in our industry, but general-purpose job boards like Zip Recruiter never have enough specialized candidates or jobs,” explains a representative from Practical Machinist. “We felt that giving another platform for workers to connect with employers would be valuable to our audience.” The U.S. manufacturing market is projected to suffer from 2.1 million unfilled jobs by 2030, and Practical Machinist is well-positioned to help address this gap. They have the largest and most influential brand in the metalworking industry and their digital channels reach millions of manufacturing workers and employers every month.
Equity sharing: Mid-sized companies’ key to winning top talent
Companies around the world are navigating the Great Resignation and war for talent. The costs of recruitment and training new joiners are piling up as companies wade through stacks of unqualified candidates and soaring job openings. Mid-sized companies are feeling the strain more than most. People are resigning in droves in search of more professional development opportunities, flexibility and work-life balance, and better compensation. But that’s not all. People want to feel valued by their companies and fulfilled by their work. High paychecks and top-notch benefits alone aren’t enough to motivate professionals to stick around anymore. Mid-sized companies are often hard-pressed to answer these demands. High-growth scale-ups can’t offer every new joiner a career-defining growth opportunity like early-stage startups or mind-blowing benefits packages like large enterprises. In our latest guide, “How to attract and retain top talent using a full-stack compensation strategy,” we partnered with leading equity management platform, Ledgy, for a deep-dive discussion into how companies can build competitive compensation and equity sharing into people-centric cultures to set themselves apart from the competition.
Assessments Platform GoodJob Lands $5.75M in Funding
GoodJob® today announced that it has raised $5.75M to fuel its next stage of growth initiatives. “In 2021, The Great Resignation and the massive restructuring of the labor market led to unprecedented growth for GoodJob. We brought on our largest partners and clients to date,” said GoodJob CEO Stephen D. Johnston. “In 2022, we’ll see The Great Migration of workers to states with a lower cost of living and to careers where they can work remotely and earn more money.” “GoodJob will be there to match these candidates with jobs where they’re wired for success.” GoodJob uses its proprietary tool called the PATH Assessment® to identify a person’s work traits and behaviors and then match those to people who are most successful in the job. For companies, GoodJob can quickly sort through candidates in their pipeline and identify who to interview and hire as well as recommend matches from its own userbase. The end-to-end platform means companies shorten their time to hire to days instead of weeks or months, while also increasing retention.
Talenthouse Acquires the Creative Commission, A Platform for Creative Jobs
Talenthouse has acquired Creative Commission, a leading platform for hiring freelance creatives in the music industry. Creative Commission was founded in 2014 and has worked with leading artists like Arctic Monkeys, Doja Cat, Coldplay, and The Rolling Stones. The acquisition will see Creative Commission add its loyal user base to Talenthouse’s creative community of over 14 million members. The Creative Commission and senior leadership team will be fully incorporated into the Talenthouse business. “We are super excited about the acquisition of Creative Commission. It will strengthen Talenthouse’s relationships with the entertainment and music industries,” says Clare McKeeve, CEO of Talenthouse. “The acquisition is an important step in our vertical expansion strategy, always with the aim of providing more work and opportunities for our community of creatives. We look forward to growing the existing Creative Commission platform and welcoming the Creative Commission into Talenthouse.”
Get Business Info, Make Business Contacts, Do Business Deals
Business info, Contacts and Deals – that’s what you’ll gain when you attend TAtech North America & The World Job Board Forum on May 31-June 2 in Austin. It’s the only conference totally dedicated to delivering those profit-making advantages for talent technology companies. So, whether you’re a job board or job marketplace, a recruitment marketing agency or conversational AI provider, a programmatic ad buying platform or candidate management system, it’s the one event you simply cannot afford to miss. Join us!